MEPs have voted by a wide margin for early adoption of a market stability reserve (MSR), aimed at bringing surplus allowances in the EU emissions trading scheme (EU ETS) under control and raising the carbon price to levels more likely to drive decarbonisation.
The text negotiated with the Council was approved comfortably on 8 July by 495 votes to 158, with 49 abstentions.
Subject to final approval from the Council of Ministers in September, the measure, which was informally agreed with the Latvian Presidency will take effect from 1 January 2019. As of that date, the 900 million surplus EU allowances (EUAs) that have accumulated during the recession and through over-allocation will be placed directly in the reserve.
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